So yeah if you are fairly young, then the timeline aspect can screw you up in terms of establishing an accumulation goal but then having to figure out how much that you would actually need to pull the fuck you lever in order to sustain yourself which could be a quite daunting projection in terms of the number of years or even your earning power if you are ONLY late 20s or early 30s as compared to someone who already entered into their 60s and likely has a much shorter time horizon and might not feel so compelled to conquer the world in terms of ongoing earning power.
I am still kind of assuming that you, shahzadafzal, are contemplating the top or possible tops in terms of your desire to accumulate more BTC, and you have not even come close to reaching your BTC accumulation goal, and that is part of the reason that you are expressing some anxiety in terms of what can be done (on a personal action level from yourself) in regards to BTC price swings that we largely know to be inevitable, but we really have few clues as to exactly when they might come - even if there are all kinds of trading theories including waves and some of that other bullshit that we could try to plug into bitcoin as a less mature asset class but has its own price performance models that help us to figure out how bitcoin's likely price performance fits into the other trading models.
Well i won't be denying your judgement in fact i would say it's pretty accurate...
Well thanks for considering my statements to be pretty accurate, and surely in the end each of us has to come to our determinations regarding various kinds of strategies that we believe are going to work for us, and even though I am likely imposing some of my ideas and frameworks upon you, I am not trying to persuade you in terms of the need to use your own judgement regarding how you might end up playing your own particulars.
yes i would accept i'm still in the beginning of BTC accumulation phase.. my first BTC buy was in late 2017 so of course i'm late.
Well there are a few aspects in terms of your consideration of yourself as late. One aspect is that traditionally/historically, it has taken normies (I am going to presume that you are a normie) 30 years or more to accumulate such a financial position that they are able to say fuck you, and sometimes they are not able to do that either because all they have are a few assets such as a house, pension and some kind of government income, and if you are able to cut that in half or 1/3 then you are doing quite well and if you are able to not necessarily rely upon those other assets (income sources) then you are additionally ahead. So, I personally believe that you cannot rush your accumulation of a position, and sure maybe you could have leveraged anything that you had in 2017 and now feeling smug about it, but that would have likely had been foolish.
Another aspect of being late in terms of the asset itself.. king daddy. Yeah nearly everyone believes that they are late due to previous price run ups, but the fact of the matter is that you are not even close to late, if you compare yourself to other normies. Of course, in recent times, there are some rich folks and institutions that seem to be trying to front run nomries, but there does still seem to be quite a bit of space and time for normies, especially someone who got started as early as 2017 to be able to continue to accumulate decently in order to get a decent foundational stake in order to have good odds in terms of their financial (psychological too) future.
and regarding the trading theories they all go above my head but i will believe if it's coming from someone credible.
Well to me, it did seem that you were getting worried about how to time price swings, and I think that is a kind of problematic thinking, even if you believe that you are not doing it. I personally believe that you should be trying to establish a system that accounts for what you believe that the BTC price might do, but not getting too hung up on it because whatever system that you end up employing should mostly be emphasizing DCA, buying on dips and HODL... and sure you can get more sophisticated than that, but you should be trying to keep in mind the basic before trying to create a more sophisticated system.. and sure the long that you are in the more you might be able to play around to make your system more sophisticated so long as you are not putting your principle at stake in how you might be attempting to play various angles that might come about and you might have sufficient vision or position to take advantage of such developments.
.. and yeah, you want to incorporate selling into the formula.. I know I know.. and I do not recommend, unless it is very small amounts and a kind of profit taking kind of formula.. consider the
(SSS) - A Sane and Simple bitcoin Savings plan raking solution (even though rpietila.. rest in peace, was far from sane, there are some good ideas contained in that thread).
Wow i love it... that SSS analysis by rpietila is something... only wish if i had read it back in 2013 and its still valid but of course again it varies person to person and specially in today's market if you already own enough BTC let say in thousands you don't worry about acquiring more but spending carefully.
It should still help you to consider points in which you might start considering selling, and if you feel that your BTC stash is quite paltry, then you would still likely NOT be considering selling portions of it, even if it is 10x in profits.. for example, lets say that over the years you have been able to acquire 2 bitcoins and your average price per bitcoin is around $6k, and even though you are in the neighborhood of profits is 10x, you might have a target of $1million to $4 million before you feel that you are able to retire - depending on the state of inflation at the time that your stash gets to that value (and perhaps including other assets and investments that you might have). So even though some of the ideas are likely going to be helpful, your particular circumstances will need to be accounted for in order to figure out how to employ some of the ideas of the SSS into your own system.. so even though you are currently assert that if you had started in 2013 blah blah blah (bullshit - don't be rushing it), the fact of the matter is that when 2027 comes along, through your persistence and foresight, you may well have been able to put yourself into a position at that time as someone who started in 2013 might be feeling at this time... yeah, everything is relative, but you should not be comparing yourself to others, but instead attempting to figure out how to create circumstances for yourself that is likely to put yourself into a great position within your timeline which may be 10 years from 2017 or it might be some other number, but I really doubt that it is helpful to be psychologically frustrating yourself by considering that you should have gotten in earlier and start to gamble based on that nonsense psychology when the fact of the matter is that someone who got into bitcoin in 2017 is going to be way the hell ahead of someone who is barely starting now and just hearing about bitcoin and having to figure out what the fuck bitcoin is and how to set up various accounts, and maybe just found the forum and are still having troubles distinguishing bitcoin from other various offerings that seem similar (at least to their newbie brain). You have gotten nearly 4 years on the newbies just coming into the space, so don't go fucking it up by getting impatient and gambling rather than attempting to create prudent and reasonable strategies that are tailored to your own circumstances and tweaked from time to time based on your learnings and changes in circumstances.
Well, if you work your fucking ass off in various ways, you can use money from what you have earned to buy bitcoin, including figuring out ways to cut your living expenses, such as vapourminer's favorite ramen noodles.. and you can use some or all of the saved money to buy bitcoin. You can also forestall on making expensive purchases, including depreciating assets, and consider whether it is practical to own such an asset or decide to rent a $2k per month property that you can rent out 2/3 of it for $1,500 and only pay $500 per month in rent rather than getting a place for $1k per month in which you would have to pay all the expenses, which could give you $500 or more in money to invest into bitcoin. Of course, your age, your skills and your ingenuity could make differences, and sometimes, luck can help too.. but maybe you prepare for being able to get x, y or z lucrative job, but you end up with luck and you get the xyz job that ends up being a better one than you had even contemplated but your preparations had help to put you in such a position.
keeping your many valuable advices a side this one i love the most hahaha...
Part of the reason that I mention this is that I had done some variation of this. I lived in a pretty expensive area and place, but instead of having the whole space to myself, I rented out portions which caused my rent to nearly be free, and of course, sometimes there can be headaches when dealing or living with others, but there are ways to deal with that too, and usually better when you are the one in charge.... even though being in charge can sometimes have disadvantages too.
well i see some of you guys have already convinced your partners on bitcoin but my wife... well she never opposed my bitcoin investments in fact she will support me but whenever I would ask her to buy BTC for her she would say "better buy me a gold ring"... so yeah I guess now my ramen noodles savings only can buy me some more BTC.
Women have different thinkenings some times, and surely would be a bit better to have some compromising going on there, but there are some pretty decently long term WO folks who are kind of balancing some of these matters too.. including some splurging that they rather not want to do, but the wifey insists.
You might have to have a bit more of a talk with your wifey.. and maybe you are not going to bring her around because you have already been there and attempted that many times..
You have to decide for yourself what is your status in terms of accumulation and if you need to be spending time in more lucrative activities. On a personal level, I have largely been on the forum for a bit over 7 years, but largely I had already reached a quasi-retirement status when I came to the forum.... and in my case, I had some business that I was involved in (in 2014, 2015 and 2016.. that I was trying to figure out ways to wrap up and get out of .. which also took several years to sort out.... but did not exactly require me to have to earn money from it.. even while I was trying to wrap it up. .. which probably ended up taking way more time than it should have.. but again personal choices regarding how to spend time and how much money is needed to be earned from some of the chosen activities.. or maybe what other benefits are derived from certain hobbies - such as maintaining health through exercise, even though it does not make any money).. so each of us is in a different position.
Yes true many factors come along... of course you aren't alone there are people around you effecting your decision and choices too. So you have find a right balance... many of friends are in bitcoin but i think in my close family it's only me.
More people do seem to be getting in so chances of meeting and knowing people in real life is seeming to be increasing, but still taking a decent amount of time.. which still is showing the early status of the whole thing.
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